The following post is written by a guest blogger. Barbara Delinsky is associated with a number of financial blogs/ websites and loves to help the hapless debtors with her fruitful financial advice. Some topics covered by her are credit card debt, creating a practical budget, get out of debt and so on.
Financial respite for single moms: 3 Crucial tips to get out of debt
It’s undoubtedly a difficult world for single moms out there. It’s not just about being single and all the responsibilities that come with it. Rather it’s a difficult world out there for a single mom who has the responsibility of her children along with work while juggling household responsibilities. Add to that a tight budget and things are rather tough any day. It’s not unusual then for single moms to accumulate debt, with missed payments and pressure from all quarters. This is obvious since the rigmarole associated with making everyday financial decisions while getting kids to school on time and meeting hectic work obligations is itself an all-consuming task.
Financial tips to help single moms get out of debt
Now, if you happen to be a single mom and are looking for ways to inform yourself about your finances and get out of debt, then you can effectively do it. All it takes is for you to make some prudent decisions in the different spheres of your lifestyle. Take a look at the following tips and help yourself.
- The home sphere – As a newly divorced or separated mom, don’t make the mistake of clinging on to your family home for longer than you can afford. You might be under the impression that this carries a sense of normalcy for the kids as they are accustomed to the particular neighborhood, school or household routines for that matter. However, it is not a wise idea if you divert too much income to rent and mortgage payments, then it’ll leave you with less money for the purpose of paying off your debt. So, it’s advisable that you switch over to a more affordable accommodation.
- The child factor – As a working single mom who is looking to get out of debt, child care can be a great financial burden. You could try and seek help from either family or perhaps community resources like say a church, non-profit organization or maybe even a trusted neighbor, who could help you defray the cost of childcare.
- The budget you follow – When it comes to getting out of debt, as a single mom, the best thing you could do is stick to a budget diligently. It might seem too much considering all that you’ve got to take care of single-handedly. However, a budget is the right solution for you even if you find it difficult to believe. Write down your income and your expenses. You should make a note of all your financial obligations and allocate funds accordingly. If you make sure that you’re not overspending unnecessarily, then surely it won’t be too difficult for you to keep aside something for paying off your debt. In fact, you could try consolidating your payments if the debt becomes too overwhelming ultimately.
Keep in mind the 3 crucial tips discussed above that’s sure to help you get out of your financial liabilities as a single mom. Make sure that you don’t waste time unnecessarily thinking too much about your circumstances.